Base metals prices on all major exchanges showed mixed sentiments in yesterday’s closing session due to falling demand in the market.
London Metal Exchange’s (LME’s) three-months prices opened mostly on a negative note: aluminium contracted by 1.6%, zinc dropped by 1.5%, lead decreased by 2.8%, copper inched down by 0.6% whereas nickel rose by 2.1%.
SHFE copper fell 0.26%, aluminium lost 0.43%, lead slid 2.04%, and zinc fell 0.67%.
MCX futures prices remained mixed on the last trading day. Nickel was up by 4% at INR 2,580/kg, lead down 2% to INR 186.2/kg, copper was up by 1% at INR 719.15/kg, aluminium fell 1% to INR 209.35/kg, and zinc also declined by 2% to INR 265.95/kg.
South Korea’s manufacturing production index
As per reports, South Korea industrial production fell by 3.8% y-oy in November 2022 (seasonally adjusted).
China’s EV exports rise to record high
China’s electric vehicle exports more than doubled y-o-y in November as European car manufacturers farmed out production to the country. The country supplied around $3.2 billion worth EVs in November, as per Chinese customs data.
LME’s stock levels remain mixed
Base metals stocks at LME-registered warehouses decreased by up to 1.1% in the last session today. However, lead was up by 2.7%.
Oil prices drop slightly
Brent oil futures was down 1.8% at $82.83 per barrel, while crude oil WTI futures slipped by 1.4% to $78.49 per barrel at the time of publishing this report.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 104.41 at the time of publishing this report, and was up marginally by 0.05% against the last session.
The rupee was recorded at 82.82 against the US dollar, almost stable against the previous closing.
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